Good morning. And welcome to Third Quarter 2009 Earnings Release Conference Call for FMC Corporation. The phone lines have been placed on a listen-only mode throughout the conference. After the speaker's presentation, there will be a question and answer session period. (Operator Instructions). Thank you. I will now turn the call over to Mr. Brennen Arndt. Arndt, you may begin your conference sir.

Thank you. And welcome everyone to FMCs Third Quarter 2009 Conference Call and Webcast. I want to apologize for the delay in beginning the call. We're about 10 minutes behind. For that again, I apologize. Will Walter, our Chairman, President and Chief Executive Officer will begin the call with the review of our third quarter performance. Will then turn the call over to Kim Foster, Senior Vice President and Chief Financial Officer for in-depth review of the performance and prospects for our global agriculture product segment as melting steel is overseas today as well as a report on our company's financial position. Will then provide our outlook for the balance of 2009. And we'll complete the call by taking your questions. A reminder that our discussion today will include certain statements that are forward-looking and subject to various risks and uncertainties, concerning specific factors that are summarized in FMC's 2008 Form 10-K and our most recent Form10-Q and other SEC filings. This information represents our best judgment based on today's information. Actual results may vary based on these risks and uncertainties. During the conference call, we will refer to certain non-GAAP financial terms. On the FMC website available at fmc.com, you will find definition of these terms under the heading and title grocery of financial terms. We have also provided our 2009 outlook statement and the reconsolidation to GAAP of the non-GAAP figures that we will use today. Its now pleasure to turn the call over to go Will Walter.

Thanks Brennen and good morning everyone. As you saw in our earnings press release, our third quarter results were consistent with our expectations. We realize strong performance in our business the sure end markets less sensitive to the broader economy. Particularly, agricultural products and BioPolymer. And our business is serving end markets more sensitive to the economy. Though volumes were lower than a year ago, demand each improvement sequential basis relative to second quarter with further improvement expected in the fourth. Summarizing, our third quarter results, sales of $713.3 million were 13% lower than last year's third quarter. Earnings before restructuring in other income and charges of $0.89 per diluted share were 21% lower than the year ago quarter. In end products, sales of $268 million increased 2% or segment earnings of 59.2 million increased 34% versus the year ago quarter as a result of improved market conditions in Brazil and lower raw material costs. In Specialty chemicals, sales of a $182 million were down 3% or earnings of $40.9 million increased 14% versus the year ago quarter as strong commercial performance in BioPolymer was partially offset by lower lithium volumes. Industrials chemicals sales of $254 million declined 29% and earnings of $20.7 million were 69% lower than the year ago quarter as a result of lower volume across the segment and reduced phosphate selling prices. On a GAAP basis, we reported net income of $28 million or $0.38 per diluted share. GAAP earnings in the current quarter included net charge of $37.3 million after-tax or $0.51 per diluted share versus a net charge of $5.6 million after-tax or $0.08 per diluted share in the prior year quarter. A significant portion of the current quarter charge reflects the resolution of our regulatory matter in our Industrial Chemical segment. With that…

Thanks Will and greetings to everyone. Today, I'll begin with the review of ag products 2009 third quarter and year-to-date financial performance. In additional share perspective on the recent trends and the crop protection market, provide an update on FMCs ag product strategy and highlight some of the opportunities we foresee taking advantage to sustain our profitable growth. First, our third quarter financial performance. Third quarter sales of 268 million were up 2% compared with the prior year quarter. We realized sales increases in Brazil and our non-crop businesses which were partially offset by lower sales in Europe and the North America crop markets. In Latin America which is primarily Brazil, sales increased 7% reflecting a positive start to the 2009-2010 season, an improvement in market conditions compared with the first half of 2009 and growth in planted acres for a number of our key crops. And our non-crop business sales increased significantly reflecting the successful integration of this CB product line acquisition, made in the first quarter of this year. In Europe, sales declined 9% due to less favorable market conditions, reflecting extremely dry conditions in most of Europe which coupled with weak price pressures. In addition, unfavorable currency impacts contributed to the lower sales in the quarter. And our North American crop business, sales fell 15% due to week price pressures compared with the heavy FA infestations experienced last year. As expected, segment earnings in the quarter of 59 million increased 15 million or 34%, driven by improving market conditions in Brazil, lower raw cost, primarily chemical and immediate, the recovery of certain indirect taxes in Brazil and the favorable currency comparisons versus prior year quarter. Turning to our year-to-date performance, sales declined approximately 4% to 782 million due mostly to the first half performance in Brazil. Earnings,…

Thanks Kim. Regarding our outlook for the full year 2009, we have nailed our expectations for earnings before restructuring in other income in charge for $4.05 to $4.50 per diluted share. The mid point is range is unchanged from that given at our last conference call, but the fourth quarter restructuring and other incoming charges of $0.85 to $0.95 per diluted share. As compared to last years fourth quarter, as Kim mentioned ag products, we look for our fourth quarter earnings to be up 35 to 40%, driven by improved market conditions in Brazil, lower raw material costs and further manufacturing productivity improvements. In Specialty Chemicals, we expect earnings to be up approximately 20% driven by continued strong performance by power. And in Industrial Chemicals, we expect earnings to decline 30 to 40% as reduced selling prices in phosphates and modestly lower volumes across the segment, more than offset favorable raw material cost. With that, I thank you for your time and attention. And I'll be happy to take your questions. Operator?

(Operator Instructions) Your first question comes from the line of Frank Mitsch from BB&T Capital Markets. Frank Mitsch - BB&T Capital Markets: Good morning gentlemen. Bill your guidance for Industrial Chemicals are down 30, 40% for fourth quarter implies a nice increase from third quarter results. How would you apportion the increase looking at the three major areas of the industrial chemical ash, Foret and peroxygens?

Good morning Frank. Clearly, the soda ash business is going to be stronger sequentially. ANSAC has success we regained the market shares that they lost. Will operate in the fourth quarter completely sold out. Domestic pricing continues to remain firm. So, again, Alkali, Soda ash sequentially will be stronger. And probably will represent a majority but not all of the sequential improvement. Expectation is that hydrogen peroxide is going to be essentially flat or which then leaves for Foret and we should see improved performance in that business as volumes continually improve, the pricing seems to be at least stabilized and raw material input cost continue to improve. Frank Mitsch - BB&T Capital Markets: So, it sounds like as you enter into the negotiation period for 2010 Soda ash pricing, do you think you're going to be entering into this stomach position of strength?

Well, clearly, we are sold out. The industry we expect to operate in Q4, somewhere between 97 and 103% of affected capacity. And as you know Frank, is determined by the balance of the supply demand equation. And as we entered 2010 and as we are currently in contract negotiations, that equations is fully balanced if not tipped in favor of the producers. And let me on the go on, somebody will ask a question where are we in the contract negotiations for 2010? And it's too early to tell. It's going to be a late fourth quarter, very early first quarter next year before we finalize everything. But I can say that those contracts we have settled today, all prices domestically are up. Frank Mitsch - BB&T Capital Markets: Terrific. Thank you.

Your next question comes from the line of Kevin Mccarthy from Banc of America/Merrill Lynch. Kevin Mccarthy - Banc of America/Merrill Lynch: Hi everyone. This is Alex here for Kevin. I was wondering if you could comment on pricing environment in a corporate action. Has there been any change since the second quarter?

Alex, there hasn't. The industry and FMC I think you should know were successful in putting through price increases in late 2008-2009. And those prices at least for us had sustained themselves through the third quarter and I would expect the fourth quarter and into 2010. Kevin Mccarthy - Banc of America/Merrill Lynch: Great. And the follow up on a Green River outage. Could you quantify the impact?

Alex, we have not -- it's in the order of 3, 4, $5 million impact in the quarter. Kevin Mccarthy - Banc of America/Merrill Lynch: Is it cost or loss sale? Did you loose any sales because of it or are you had enough inventory?

We did not loose any sales, we did lose production. And then, there was in addition of the loss production that overhead options in the loss production. They we're some not in significant at a pocket cost of to remediate the issue that we have. Kevin Mccarthy - Banc of America/Merrill Lynch: Okay, great. And then, quick on a LIFO expense. I assume higher other expense in third quarter. Also, LIFO similar to 2Q. What is the magnitude of LIFO that's spend reversal in 2010? Is it similar to 2Q, 3Q?

This is Kim. I want to make sure you understood, you made a couple of comments. Is your question on what's going to happen to LIFO in 2010 versus 2009? Kevin Mccarthy - Banc of America/Merrill Lynch: Right.

They significantly reverse itself. Kevin Mccarthy - Banc of America/Merrill Lynch: So, the amount would be in the 67 million per quarter range?

No. That's what I was afraid you were getting off track. On a full year basis, the LIFO expense will reverse itself. We estimate what that LIFO expense is going to be and we booked a prorated portion of it each quarter. Kevin Mccarthy - Banc of America/Merrill Lynch: Okay thank you,

Yeah. Certainly provide a little more clarity of the guided $30 million of other expense for the full year are slightly more than half of that is LIFO. The balance is a whole bunch of other things largely mark-to-market on our shadow thrift plan. So if you think notionally of something in order of $15 million, $15 million plus charge in 2009, I think Kevin just said a significant portion at should reverse itself in 2010. Kevin Mccarthy - Banc of America/Merrill Lynch: Got it. Thank you.

Your next question comes from the line of Dmitry Silversteyn from Longbow Research.

Good morning gentleman. Just wanted to follow up on a couple of things that you've said in your prepared remarks. Number one, when you talked about settling the regulatory matter in Industrial Chemicals, can you talk a little bit more about that what is involved with that? Has that to do with Foret or other businesses? Hello?

Hey, Bill. Yes, it was in Foret specifically. It was in our animal feed phosphates business 2009. The European Commission had initiated proceedings against FMC in that business based upon the assertions of the couple of other producers. We're cooperating with the commission and investigation. And in the quarter, we recorded a $21 million charge reflecting our best estimate of the expenses likely to be incurred in resolution of this matter.

Okay. Very good. Secondly, you talked about walking away from some of the lower margin business in the BioPolymers in both food ingredients and pharma, can you give us an idea what the magnitude of that volume impact was? And whether or not, we're done with those or you're still going through the weeding out process?

Let me answer the second half of the question first. Yeah, I think we are done with the weeding out process. The effect in the quarter was in the order of magnitude of 4 to 5% volume decline.

Okay. So 4 to 5% of the volume decline was attributed to this voluntary give up?

No. Volume decline 4 to 5% in BioPolymer, in the quarter as a result of our actions to shed low margin business.

Okay, all right. And you're done with it, great. And then secondly or lastly I should say, the Soda ash outage that you experienced, was that just a kind of a maintenance shut down that didn't come up, come to back up as scheduled or what was involved? And then, to follow up on that, can you update us on your plans for Granger?

Yes. Dmitry, it was not a planed outage. It was a catastrophic failure of one of our mine in place, in aerial hoist, not a man hoist. So nobody was hurt in the incidence. There was a catastrophic failure, we were basically limited on our hoisting capacity for almost a month. We now have that fixed back and in operation. And so, the affect of it will be limited to the third quarter of 2009. With respect to Granger, Granger remains down as we speak. It will continue to remain down in order to improve the environment for the price increases. And we will be brought back online when we and our judgment believe that demand wants it and pricing is not at risk.

Okay. That sounds good. And then, one final question. Can you remind us when the Argentine export tax anniversary as far as the impact could have on the profitability in lithium business?

It already has. I can't remember Dmitry exactly. But yeah, fourth quarter of '08, it anniversary itself.

Okay. So this whole year was counting against apples-to-apples?

Correct.

Okay. Thank you very much.

Your next question comes from the line of Douglas Chudy from Keybanc Capital Markets.

Good morning. First question, do you feel the ag business now reached a new plateau in terms of operating margin potential here in 2009?

I think so Doug. The business in 2008 was impacted by a significant and sudden run up in raw material costs largely, reflecting the price of oil. That has, that one up is largely received at this point. Second, as a result of that run up in cost last year, we've put through a number of price increases which I commented early have sustain themselves. So, yeah. Long wanted to answer to your question. Yeah, given potential changes in mix as we go forward product and geographic mix, I think it is at a new plateau.

Okay. Thanks. And switching gears at the hearing, you taken, you've undertaken number of additional restructure actions this year. Can you comment on what you see is the potential costs savings, costs savings benefit coming from these actions.

Doug, I wish I could. I don't have that in my memory bank. And I'm looking around the table. What I see dozen people looking at their shoe laces. So, I'm not getting much help from them either. Suffice it to say that each of those restructuring decisions has a very positive economic return to it with a payouts or paybacks in a couple of years. But I can't answer your question directly.

Okay. Is it any fair to say that you should see from benefit beginning in 2010? In terms of your cost structure from actions that you've already undertaken?

Certainly.

Okay. And then, just finally quickly on lithium. Any sign or concerns that lithium pricing pressure could flow through your downstream products following? The price production by a customer, by a competitor in the carbon Uthiumhydroxide?

Doug, very unlikely. The announcement that SQM affected looking lithium carbonate, lithium hydroxide, only the first two molecules in the value chain and those products, Sulfur, $5 a kilo. As you move down the value chain, first of all, the call for concentration of carbonate in those downstream products is significantly less. And those downstream products was sold for $50 to $500 to $5000 a kilo. And so any movement on the initial molecule should not, and at least historically has not followed its way through the value chain.

Thanks for taking my questions.

Your next question is from Arun Viswanathan from UBS.

Hi you guys, thanks for taking my question. Got a question on the soda ash business. How much lower or how much higher difference does you kind of estimate the Chinese cash cost production are at this point?

How much lower than in your..

So what's the difference sequential in cash cost production between your and them? And with what tell you what important?

Even with the recent easening of the input costs for the Chinese have experienced, the most globally cost effective cost competitive Chinese or soda ash producer still has cash cost reduction of well more than two times that of the average U.S. producer.

So, when does it actually become a problem? And do you see imports potentially threatening the environment again in anytime?

I don't see certainly in my life time and I'd offer even yours that the Chinese will ever import material into this country. I mean just you start with the fundamental costs disadvantage at freight. Everything too and they just can't compete here.

Right. All right. I guess you guys you are saying you are competing in other regions. Would that be a problem in the future?

Certainly. I mean it is problem today. It was the aggressive move by the Chinese in late fourth quarter 2008, early first quarter 2009 that caused the U.S industry to loose significant volume.

Okay. That has been since been headed away.

That's correct. The U.S industry has successfully regained that share of the effect here by the Chinese now is going to be on pricing. And fortunately, their input costs seem to be rising as we speak which I believe is going to put some upward pressure on both export competitiveness. And therefore some upward opportunity or some opportunity for higher export prices by U.S. producers.

Okay, understood. Thanks. Another question on the peroxygens business. You're talking about may be some volume pressure because of pulp and paper difficulty in doing this, give us a little bit of detail on the end markets for that business and what else?

Hydrogen peroxide in North America and Europe is primarily used as a bleaching agent in the pulp and paper industry. Approximately 60% to 65% of the hydrogen peroxide demand in both continents is driven by pulp and paper. Any of you followed the pulp and paper industry, you know the troubles they're having this year. Year-to-date, hydrogen peroxide demand in the pulp and paper is down 20%, 25%. Fortunately, we have seen good growth in the non pulp and paper accounts. Our view is that pulp and paper market is going to improve slightly in 2010 but is still going to remain fairly depressed levels.

Okay, thanks.

There are no further questions at this time. Mr. Walter, do you have any closing remarks.

Yeah. Thank you Operator. Let me try to summarize for everybody, our third quarter results, our guidance for the fourth quarter. And give you some early and clearly, my qualitative views on 2010. While there were few puts and takes in the third quarter, the quarter essentially turned out as we had expected with earnings at the mid point of our prior guidance, Ag was right on, specialty was slightly above and Industrial was slightly down. Q2 is forward as pretty much a continuation of Q3 but was in encouraging sequential developments. In all growing should be up again as concept 35 to 40%. In Specialty, earnings are expected to grow 20% year-over-year. And Industrial while still down from a year ago will be sequentially stronger than the third quarter. As we expect continued volume growth in almost all businesses, improved margins in our European phosphate business and the absence of the Q3 operating issues that I talked about early in the soda ash business. Interestingly as look not day earnings per share but as segment earnings, Q3 segment earnings or Q4 segment earnings are projected to be flat with a year ago. Looking ahead to next year, qualitatively, in the absence of commodity crop price collapse and returned of the tight credit conditions that the world faced in fourth quarter of last year and first quarter of this year, ag earnings should be up next year, year-over-year. can ag repeat 2009's high teens earning growth? Probably not but I'd expect very strong performance there. In Specialty, BioPolymer will continue its earnings growth trajectory almost regardless of what happens in the overall economy. And lithium, demand is already recovering with expectations that, that recovery will continue through 2010. the outlook in Industrial while less certain is are encouraging. As I said, the soda ash industry is sold out, export prices probably bottom down in Q3 and the early 2010 domestic contracts settlements, the price is up. The peroxygens businesses will be challenged to hold earnings flat year-over-year as improving demand will still lead the in U.S. and European hydrogen peroxide industry, operating below 90% of capacity utilization. The upside there will be in the Specialty Applications for hydrogen peroxide, strong for sulphate demand and a growing Peracetic acid business. Finally, for up phosphates. Demand is improving. Phosphate rock costs should be favorable 2010 versus 2009. And STTP selling prices in third quarter, we think stabilized. We do have a couple of head winds next year and Kim talked about it. Our pension costs will be up year-over-year. And assuming we do a bond offering later this year, our interest expense will increase next year as well. Overall, I feel good about the third quarter performance, our outlook for Q4 and our prospects for 2010. With that, I thank you for joining us today and your continued confidence in the company. Thank you operator.

This concludes today's conference call, you may now disconnect.